Thursday, August 14, 2008

Have you ever heard of diminished value?

This is so interesting. I had never heard of diminished value before stumbling upon this website but now that I have, I can guarantee I will think twice about accepting a check from the insurance company before considering the diminished value of my vehicle. According to the website, if you are involved in an accident in your brand new $30,000 vehicle and the insurance company pays for your repairs only, then you are being cheated out of the possible Diminished Value that may have resulted from the accident. If you brand new car would only sell for $20,000 after an accident, then you would probably have $10,000 worth of diminished value. Appraisal Group of America can help you with your claim to ensure that you are getting what you should and that your rights are being protected. It is almost impossible for an insurance company to deny a diminished value claim to an insured claimant.

When I bought my vehicle, one of the stipulations for the purchase was that my car came with a Carfax vehicle history report. I would strongly suggest that anyone in the market for a new car requests a copy of the Carfax Report on any car that is being considered.


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3 comments:

Ginny said...

That is interesting, I've never heard of diminished value before.

Sassy Mama Bear said...

You learn something new everyday, but I think it is something that the insurance companies probably do not want people to know about.

IRAS said...

One thing about diminished value is only a few states in the US would actually address it. I believe about 45 states does not address diminish value and if you do want the insurance company to address diminish value, you'll have to demonstrate actual lost in market value to your vehicle. It involves a lengthy complicated process that I won't go into here. I used to work for an insurance company before and had to deal with diminish value all the time. It's pretty much impossible to get it if you live in the states that do not address diminish value.